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Loan

This query is : Resolved 
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(Querist)
24 January 2009 If any private company can take loan from the following persons is perimitted
1) Directors of the company
2) Any other persons
3) Registered Private money lenders
4) Relatives of director

If not permitted what wil be the effect of this transaction. Please advise me in detail.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
24 January 2009 Loans in a private company can be obtained only from shareholder, banks and financial instituitons or private finance companies registered under companies act.

If you take loan from others then it becomes violation of 58A under companies act, ie accepting deposits without rbi approval.
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aravind

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aravind (Querist)
29 January 2009 OK Thanks
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